XWallet adds CryptoIDR DApp for Indonesian users to convert crypto to IDR easily
As we enter a new decade, we reaffirm our commitment to pursue the goal that got us started in the first place — to have a world that is enhanced, and made more convenient and inclusive by blockchain. Today, we are ecstatic to launch a new product called CryptoIDR DApp which brings us one step closer towards that goal.
A decentralized app (DApp) enables any financial institution that has a consumer payment platform to offer real-time transfer of cryptocurrencies to fiat currencies to its customer base.
For its launch, the CryptoIDR DApp has partnered with Indonesia-based online payment app m-Bayar from E2Pay, for the integration of its services to the platform. At least 18 cryptocurrencies are available on CryptoIDR for conversion to Indonesian Rupiah (IDR). Once converted, the amount can be used on the m-Bayar app to pay for utility and credit card bills, mobile load top-ups, money transfer, bank withdrawals and even for donations to select nonprofit organizations.
Using CryptoIDR as a fiat off-ramp from Crypto to Indonesian Rupiah will require users to connect to an m-Bayar account. To increase the amount of maximum transfer, users will have to be verified through a KYC (Know Your Customer) process under Indonesia’s rules and regulations.
m-Bayar, which in Bahasa means “m-payment”, was founded in 2018, and was merged with Pundi’s fiat mobile payment platform. It was handed to our partner E2Pay as they own an e-money license in Indonesia.
E2Pay leads innovation in digital payments in Indonesia with its portfolio of products that range from payment gateway for B2B transactions to enabling mom-and-pop shops to offer credit card payments online. The e-money platform m-Bayar is its first consumer product. Together with Pundi X with the CryptoIDR DApp on XWallet, it introduces a whole new world of crypto-based digital payments with the bottomline of making financial services more accessible and beneficial to millions of unbanked — new Indonesian customers who enter the country’s already-sizeable consumer classes every year.
“This is a truly special project as we go full circle with E2Pay. Both companies are driven by the same goal to help bridge the growing gap between accessible and affordable financial services to underserved markets. Today, we are reunited once more by that same goal,” Zac Cheah, Pundi X Co-Founder and CEO said.
“I’m excited to introduce to Indonesia a more seamless, efficient and reliable way to utilize their crypto assets. It emphasizes our pursuit of a more accessible financial system for the underserved, as this allows us to cater to a market longing for such convenience,” said Constantin Papadimitriou E2Pay CEO and President of Pundi X.
